Bond required

The commercial driver training school owner or operator shall secure and submit with the application for license a continuous surety company bond in the principal sum of five thousand dollars for motor vehicle driver's license instruction for the protection of the contractual rights of students, undertaken by a company authorized to do business in the state of North Dakota. The concerned surety company may cancel said bond upon giving thirty days' written notice thereof to the director. The surety company must be released of all liability for any breach of any condition of the bond occurring after the effective date of the cancellation.